SunEdison Plummets On Imminent Bankruptcy; Axiom Sees "The Beginning Of The End" And 85% More Downside
The sun is about to set on SunEdison.
Once upon a time SunEdison was one of the most popular hedge fund hotel stocks, which however, just like Valeant, has led all of the hedge funds who were long the name (and still are) to ruin.
Case in point: yesterday the stock plunged another 25% following a DebtWire report that the company was in DIP loan negotiations with lenders, the final step before filing for bankruptcy, after talks to reach an out of court solution with 2nd lien lenders had failed.